Money that does not exist

The exaggerated climate crisis

Despite the fact that carbon dioxide is a scarce resource in the atmosphere, we are investing hundreds of billions in reducing its concentrations. This is money that does not yet exist and risks being lost on misguided projects and ideological pipe dreams.

Published 5 September 2024
- By Tege Tornvall
Photo: Nina Laakso/CC BY 2.0
This is an opinion piece. The author is responsible for the views expressed in the article.

There is no end to the billions to be invested in wind, solar, bioenergy, electric car batteries, “fossil-free” steel and iron, hydrogen, carbon capture and storage, and other projects.

This is money that does not yet exist. These projects are therefore mortgaging our future – and lowering the value of the Swedish krona if they fail.

The money is invested by banks and private financiers, by investment and pension funds, and by various government agencies. Most of it is in the form of loans, often guaranteed by the government. That is, all of us together.

If things go well, the borrowers take most of the profits. If things go badly, we all suffer the losses. A brilliant arrangement for so-called “entrepreneurs” who weather financial storms dry-shod.

What these projects have in common is that they claim to benefit the Earth’s climate by reducing atmospheric carbon dioxide, or by reducing the amount of carbon dioxide released into the atmosphere.

“Ideological pipe dreams”

But carbon dioxide is a vital nutrient for plants and, through photosynthesis, provides the atmosphere with its equally vital oxygen.

Despite a recent slight increase, carbon dioxide is in short supply in the atmosphere. Long periods of time in the past were many degrees warmer and had many times higher CO2 levels and richer plant and animal life than today.

After the intermittent cold of the Little Ice Age, more warmth and carbon dioxide now favor vegetation and crops. Between 1930 and 2015, world harvests increased fivefold (FAO). More people are better off. Fewer people suffer poverty and hunger.

Yet we are spending hundreds of billions to reduce the beneficial carbon dioxide content of the atmosphere. Money that does not yet exist and is in danger of being wasted on misguided projects and ideological pipe dreams.

 

Tege Tornvall

TNT is truly independent!

We don’t have a billionaire owner, and our unique reader-funded model keeps us free from political or corporate influence. This means we can fearlessly report the facts and shine a light on the misdeeds of those in power.

Consider a donation to keep our independent journalism running…